3 replies to this topic

[NAV]

The lack of strong follow thru today means that the market may not be ready to take off yet. There was a good setup to turn the hourly trend in the morning, but it ended in an abrupt failure. After looking at my indicators from hourly to daily timeframes, here's what i see. A rally to about SPX 1428-30 area which should releive some of the oversold conditions on the hourly and then another post Fed selloff to about SPX 1410-1412 area, which is a dynamic support on the daily charts. Another selloff would also register oversold conditions on the daily, giving the necessary energy for the next leg up which should take us to the SPX 1460 region. Some patience is required for the longs here and an ability to withstand some scary volatility over the next couple of days. I will be trading around this idea. I do not think an important IT top has been seen here. A break of SPX 1404 would change my mind, which is an important IT price pivot in my work. Still long 50% of my ES position (after booking 7 points this morning on half my position). Good luck all !

Edited by NAV, 29 January 2007 - 08:34 PM.

[slatedrake]

Two days in a row with small point changes on the NYSE McClellan Oscillators for both breadth and volume. Breadth showing divergence...maybe.

Looking for a big move(s) over the next couple of days and with price near a trend line bottom, looking to go long depending on how things look tomorrow for both breadth and vol numbers.

http://stockcharts.com/c-sc/sc?s=$SPX&p=D&yr=0&mn=3&dy=0&i=p77481587791&a=96386331&r=5473&.png

[no_mind]

On the daily, IWN looks set up for a break-out to the upside.

[eminimee]

http://stockcharts.com/c-sc/sc?s=$SPX&p=D&yr=3&mn=2&dy=0&i=p05809298768&a=74401962&r=6562.png